Indiana Code 26-1-3.1-601. Discharge and effect of discharge
Current as of: 2023 | Check for updates
|
Other versions
Sec. 601. (a) The obligation of a party to pay the instrument is discharged as stated in IC 26-1-3.1 or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.
(b) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.
As added by P.L.222-1993, SEC.5.
Terms Used In Indiana Code 26-1-3.1-601
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.